A 5% and 15% tax on earnings, interest, or dividends made by members from their contributions to collective investment schemes were suggested. The tax would go into effect on July 1, 2023, and was included in the Income Tax (Amendment) Bill, of 2023.
The Ministry of Finance in Uganda had suggested additional taxes on collective investment plans like unit trusts, but the country’s Parliamentary Committee on Finance, Planning, and Economic Development has rejected the idea.
The fee, according to the Bill, would be treated as income tax and would be deducted from the gains credited to a member’s account by a unit trust.
